Right now you can buy a home with an FHA loan in as few as 3 years after having a foreclosure, bankruptcy or a short sale (with late payments). However, you can also buy a home with a conventional loan after two years of having a short sale, as long as you have a healthy down payment. If you just let the home go through foreclosure, it is important to know that the banks are cracking down and making people wait five to seven years before they will consider loaning to them again. I hope that I am getting across the point that the lenders respect those who are willing to help the banks recuperate their losses, rather than just give up and walk away.
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